A mortgage broker is a professional who sells mortgage loans to individuals on behalf of businesses or other people. Mortgage brokers help people negotiate finances based on their unique financial situation and needs. They are well-versed in the complex laws of real estate financing, and it is a mortgage broker’s job to break down these laws and jargon so that someone unfamiliar with property and real-estate terms can grasp the situation. Mortgage broker jobs involve helping many customers who are purchasing property for the first time and know nothing about applying for a mortgage loan or getting quotes.
Mortgage broker jobs have developed over time in their protection of the customer. The broker is responsible for watching out for the customer while he or she is securing the mortgage or mortgage loan. A mortgage broker job description will ask for a conscientious, detail-oriented and organized individual who will be responsible for clients’ secure and confidential information. Jobs for mortgage brokers are restricted to those who can successfully gain customer trust and who treat the customer with the utmost care and respect throughout the financial scary and uncertain process of securing a mortgage.
Mortgage broker jobs involve acting as a middleman between a customer and the company loaning the money for the mortgage. The broker works out the transactions and their terminology while keeping in mind a fair agreement on both sides. Mortgage licensing laws vary greatly based on location; some places require all mortgage brokers to have a license, while others make limits on the number of loans a broker can aid without a license. As mortgage loans are increasingly being researched and even transacted on the Internet, many locations are loosening their laws about licenses.
Typical tasks that go along with mortgage broker jobs include researching different banks’ policies and rates for mortgages, analyzing paperwork and terms on clients’ mortgage loans, negotiating for more competitive rates and gathering paperwork and passing it on to other professionals in the mortgage financing industry for underwriting and approval. Since mortgage brokers’ jobs involve giving a fair amount of financial advice to individuals, especially those new to the mortgaging industry, they can be held accountable for what they say. A mortgage broker job can be highly regulated depending on location, and the broker can get in serious trouble, including job suspension or termination, for wrongful advice and information given to clients. Mortgage broker jobs can be found in the real estate and financial industries, as the job duties require an overlap of these two areas.
